DUBLIN--(BUSINESS WIRE)--The "Global Biosensors Market Research and Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global biosensors market is anticipated to grow at a significant CAGR of 8.2% during the forecast period. Biosensors are devices, which are used for detecting an analyte and a physiochemical component to produce a measurable signal. Biosensors majorly comprise three parts including a component that identifies analyte, produces a signal, and reader devices. The most commonly used biosensors are glucose detectors and pregnancy tests.
The major factor that is augmenting the global biosensor market is the rising number of diabetes patients and increasing application of biosensors in the medical sector. For instance, diabetes patients are using biosensors to monitor glucose levels at home and cost-efficient and user-friendly devices are available in the market for testing.
Furthermore, the rising application of biosensors, the rising prevalence of chronic and lifestyle-induced diseases, and the government initiatives for the development of proteomics and genomics are the factors that are anticipated to drive the global biosensors market during the forecast period.
However, strict regulatory requirements and compensation plans, high costs associated with the biosensor devices, and lack of inclination toward the adoption of new treatment devices are the major factors that are anticipated to restraining the growth of the market. On the contrary, increasing product inventions, technological advancements in biosensors, and the ever-increasing precision and accuracy of the biosensors in a minute sample volume are to create lucrative opportunities in the forecast period.
Segmental Outlook
The global biosensors market is segmented based on technology, application, and end-user. Based on the technology, the market is segmented into optical sensors, thermal sensors, piezoelectric sensors, and electrochemical sensors. Based on the application, the market is segmented into medical applications, food toxicity detection, agriculture, bioreactors, and others. Medical application is further sub-segmented into diabetes, cardiac disease, pregnancy test, cancer, blood-related issues, and infectious disease. Apart from it, based on the end-user, the market is segmented into home healthcare diagnostic, point of care testing, research laboratory, food industry, and others. Besides, the others end-user segments include security and bio-defense.
Medical Application Holds a Significant Share in the Global Biosensors Market During the Forecast Period
The medical application held a dominant share in the end-use segment in 2020 and is anticipated to attain growth during the forecast period. The medical segment comprises the use of biosensors in the field of diabetes, cardiac disease, pregnancy test, cancer, blood-related issues, and infectious diseases. The biosensors are considered essential tools in the detection and monitoring of a wide range of medical conditions from diabetes to cancer. Glucose testing devices are high in demand due to rising diabetes patients. The increasing burden of diabetes together with the product launches contributed to the market demand. Besides, rising awareness about diabetes self-management encourages the innovation of products that enable blood glucose levels to measure rapidly and reliably at home.
Asia-Pacific is Expected to Have Considerable Share in the Global Biosensors Market
Apart from that, Asia-pacific will be the fastest-growing region, and also the most attractive market for global leaders in biosensor production. Steadfast penetration of health insurance facilities, intrinsic upgrading of medical systems, and favorable reimbursement policies are observed to promote the growth of the biosensors market in the region.
Besides, the increasing understanding of clinical outcomes, large population base, rising patient awareness levels, augmented diabetic patients, the surge in the focus of the leading manufacturers on expanding their geographic presence in the region, and technological development in the medical devices and equipment such as mini diagnostic equipment showing rapid and accurate results are the key factors that are anticipated growing the market during the forecast period.
Key Topics Covered:
1. Introduction
2. Market Overview and Insights
3. Competitive Landscape
4. Market Determinants
5. Market Segmentation
6. Regional Analysis
7. Company Profiles
Companies Mentioned
- Abbott Laboratories
- ACON Laboratories, Inc.
- AgaMatrix, Inc.
- Bayer AG
- Bio-Rad Laboratories, Inc.
- Biosensors International Group Ltd.
- DuPont de Nemours, Inc
- F. Hoffman-La Roche Ltd.
- Graphene-Info (Metalgrass Ltd.)
- Johnson and Johnson Services, Inc.
- LifeSensors, Inc.
- LifeScan IP Holdings Inc.
- Medtronic Inc.
- NeuroSky, Inc.
- Nova Biomedical Corp.
- PerkinElmer, Inc.
- Siemens AG
- SDIX, LLC 19. Sysmex 20. Universal Biosensors Group
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